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general reputation, and credit history, among other factors, including the size and <br /> scope of the proposed project. <br /> J. The developer shall proactively attempt to minimize the amount of public financing <br /> needed through the pursuit of grants, innovative solutions in structuring the deal, <br /> and other funding mechanisms. <br /> K. For the purposes of underwriting the proposal, the developer shall provide any <br /> requested market, financial, environmental, or other data requested by the City or <br /> its consultants. <br /> L. All public financing proposals shall optimize the private development potential of a <br /> site. <br /> M. Tax Increment Finance districts will be administered in accordance with applicable <br /> State Statutes, the Tax Increment Finance Plan, and the Development District Plan. <br /> N. When possible, TIF shall be used to finance public improvements associated with <br /> the project. The priority for the use of TIF funds is: <br /> 1. Public improvements. <br /> 2. Site preparation, site improvement, land purchase, and demolition. <br /> 3. Legal, administrative, and engineering costs. <br /> O. It is the City's policy to establish the following types of TIF districts: <br /> 1 . Economic Development Districts <br /> • It is desired that the project result in a minimum creation of <br /> one full time job per $25,000 of TIF, or <br /> • Result in a significant increase in the tax base. <br /> 2. Redevelopment Districts <br /> • The market value of a redeveloped site shall increase by a <br /> minimum of 50% of the current market value. <br /> 3. Housing Districts <br /> • May be considered on a case-by-case basis. <br /> IV. PROJECT QUALIFICATIONS <br /> All public financing requests considered by the City of Mounds View must meet each of <br /> the following requirements: <br /> A. The project shall meet at least one of the objectives set forth in Section II and <br /> satisfy all the provisions set forth in Section III of this document. <br /> B. The developer shall demonstrate that the project is not financially feasible but-for <br /> the use of public financing. <br /> C. The project shall comply with all applicable laws. <br /> D. The project must be consistent with the City's Comprehensive Plan, Land Use <br /> Plan, and Zoning Ordinances. <br /> City of Mounds View Public Financing Policy&Application <br /> Adopted February,2016(Expected) <br /> Page 5 of 21 <br />